Risk management
The process of identifying, assessing, and mitigating risks throughout a project's lifecycle.
Risk management involves identifying, assessing, and mitigating potential threats to project objectives, ensuring proactive and strategic responses. It is crucial for protecting resources, maintaining schedules, and achieving project goals. Effective risk management enhances decision-making, supports resilience, and fosters a culture of preparedness, enabling teams to navigate uncertainties, optimize opportunities, and deliver successful project outcomes by minimizing risks and maximizing performance.
Used in a sentence
Effective risk management helped prevent potential delays.
Synonyms/variation
Risk Assessment
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Risky Business: Transforming Risk Mitigation into Risk Prevention
Risk burrows into every aspect of construction — costs, safety, labor, scheduling, profitability and even market leadership. In an inherently dangerous industry, risk is inevitable, but truly powerful risk mitigation doesn’t just patch up the damage from incidents. Diligent mitigation shaves risk to the bare minimum. Slack resource management, scheduling and communications can also lead to […]
Using AI to Manage Risk in Construction
Since the day construction became an industry, many people have been trying to manage the risks of building things — to identify and mitigate potential conditions that might impact a project’s safety, schedule, cost, quality or compliance. Part of the allure of using artificial intelligence (AI) in construction is the potential to make the complex, ongoing […]
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